Regulatory consolidation for investment advisers: SEBI issues master circular consolidating guidance and prescribing compliance, reporting, fees and s...
Reopening of assessment cannot rest solely on an audit party's opinion; reassessment under Section 147/148 is impermissible and power of revision shou...
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Addition under s. 56(2)(vii)(b) for alleged understatement of consideration in purchase of an immovable property was examined where the property was jointly purchased and the AO adopted stamp-duty value as on the year of registration. Since the allotment letter was issued and consideration was paid through banking channels in an earlier year, the relevant stamp-duty valuation had to be taken as on the date of allotment. On that date, the ready-reckoner value was lower than the actual consideration paid, eliminating any taxable difference; consequently, the addition made on the assessee's 50% share was held unsustainable and deleted. - ITAT
Addition under s. 56(2)(vii)(b) for alleged understatement of consideration in purchase of an immovable property was examined where the property was jointly purchased and the AO adopted stamp-duty value as on the year of registration. Since the allotment letter was issued and consideration was paid through banking channels in an earlier year, the relevant stamp-duty valuation had to be taken as on the date of allotment. On that date, the ready-reckoner value was lower than the actual consideration paid, eliminating any taxable difference; consequently, the addition made on the assessee's 50% share was held unsustainable and deleted. - ITAT
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